NEW YORK, NY / ACCESSWIRE / July 21, 2015 / Paragon Shipping Inc. (NASDAQ: PRGN) a global shipping transportation company specializing in drybulk cargoes, recently reported first quarter 2015 financial results. The highlights of the report include revenue falling year over year to $10.03 million, and net loss going deep in the red to a loss of $8.93 million. The company has struggled as a result of a struggling resource market and the credit crisis in Greece.
Paragon is based in Greece and with implications of new taxes and the withdrawal of special tax breaks on the horizon; the company is faced with a tough decision. Remaining in Greece will bring on unexpected rises in taxes and push net losses further into the red. On the other hand, costs of relocating the company's headquarters can prove to be unaffordable by the company.
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